How do you separate income and save for expenses?

[Ryan Guffey]

How do you separate income and save for expenses? If everything lines up and its a good property what do you do to set money aside, hypothetically if your income was 1000 and you set aside 100 each for 10% for Maintenance, Cap Ex, Vacancy, and Management what do you do with it as far as collecting and separating it?

Is there an app for that?

Do you put it in a single account for the property to use as needed, or only use what's collected for Cap Ex just for Cap Ex etc.?

Do you collect rent put it into an account for that property and just keep track of how much is designated for what?

Would it be better to put it in separate accounts for each category so you would have 400 for those variable expenses and the other 600 in its own account?

What about when you get 3+ properties or multifamily? Do you make an account or 2 for each property, or each door?

I haven't got any properties yet but I'm curious how everyone keeps track and keeps everything separate so when I do I want to make sure I'm organized the best I can be right away so I don't get overwhelmed or anything as I get more properties.

[Cody Benedetto]

@Ryan Guffey upon purchase I padded the account with enough to be very comfortable. If for whatever reason capex were to deplete I’d replenish accordingly. Hopefully that never happens but I sleep better know worst case scrnario, something bad happens and I need to drop $10k on an unexpected repair, it’s already there.